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tv   The Willis Report  FOX Business  November 19, 2013 9:00pm-10:01pm EST

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as long as they sort of communicate to the economy to the market, what they are doing. they already have, we've seen in may. neil: i think it is going down hard. we'll see, thank you. good night. gerri: hello, everyone. i am gerri willis. tonight on "the willis report." stunning revelations about obamacare. the glitches seem to be the least of the trouble. most of the system is not even built yet. >> also the real issues with health care. obamacare is not addressing and the head of the mayo clinic is my special guest tonight. and the highest rated electronics for christmas. and we are watching out for you tonight on "the willis report." ♪ ♪ galago.
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gerri: welcome to "the willis report." and tonight, your health care under attack. more congressional investigations into obamacare today and one of the big things that we have found out was this. health, the website was having so much trouble that it's not even finished yet. with us now is michael burgess of texas, the vice chairman over the oversight investigations subcommittee. the website is not even done yet. to listen to that. >> apportion remains to be launched on october 1. >> i don't have an exact percentage.
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and i look at it in terms of overall marketplace systems. >> we have never talked about what is complete or not complete? >> i think it was a priority of functions that need to be embraced. you have to authenticate an individual and that is a key. >> 50%, 40%, 30%? >> i think it was and it is stunning. gerri: this website isot done. it's unclear if he is saying that 60% is yet to be built. either way, it is a nightmare.
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and providers render services and they will need to be paid. and i think it's reading between the lines of what he was telling the committee. but they are not ready at this point to be able to process those payments to providers and what's going to happen to our doctors offices and hospitals and accounts receivable blue now. i'm telling you can't afford this. >> it's unbelievable. your doctor comest you know exactly what the impact would be. the other thing that blew me away today was conversation about mckenzie which retired by the administration to give us a sense. >> and they were brought into
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conduct some interviews in a report to our administrator in which i actually participated. >> you participated in this when he was exploring a? >> not given a final report. nobody pays any attention to it. what he's saying? >> you have to remember that maybe we did not get the final report. the people at the white house bid. and that information has been provided to the committee. they saw, they saw the red flags on the dashboard that he was talking about and here is one of the stunning things about it. and this thing has to go on october 1. and you and i.
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>> so why wouldn't the administration simply say, okay, republicans, we are going to try to work with you and delay the launch of this thing. gerri: they wrote a rport, finding out what to do, he ignored a common call for a bigger report and this is what the administration does. they pretend to be guiding and finding solutions. >> no one an close it at the end of the day and no one can say that this is a fraud.
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and they said that they would be ready on october 1. and then on september 19, less than two weeks before they went, i said are you going to be ready and he is number one and wouldn't provide an answer but answer he provided was clearly something that had been reversed. and they knew at that point. unless maybe you are desperate to get insurance coverage. you want to get it, you go on the website to get it. >> i'm trying to buy in texas
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where i can actually see doctors who are in texas and i understand if they understand frustrated. i think that some of them have low insurance literacy and this is a problem for them. >> and what we know is that about the security risk, i know about the security risk, it is high and apparently there has arta been a hacker on the website. >> we did get that and we need to know exactly what the extent
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has been. it's like, all right, we will give them the opportunity. i wish someone would take the responsibility. and i have no beef. he is a career civil servants and someone needs to be held accountable for this at some level. it is a crime that the only person was the dc insurance commissioner who told the truth. and that should not be the marker. gerri: we appreciate you coming. at what cost. our next guest says that our health care system is making the quality of help suffer and no exit in sight. twenty now is the president and ceo of the famed mayo clinic. the ceo council, if you make a
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very good point about obamacare. you say that it's all focused on the insurance market and very little about the quality of care and what needs to happen. >> we need to suspend and health care right now, we are spending unsustainable amounts of money. we can get folks covered eventually. and this includes the uneven quality. so we need to reform the payment mechanism to modernize and draw this quality out and deal with the equality issue. >> that's a that's a lot of big ideas in more than a couple of sentences there. the cost and factor on their way down, why would that be, and do you agree? >> the speed of rising health care spending has started to
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flatten out and some of that is related to the insurance products that are being produced >> a lot of that going on. of course, we saw a lot of people not going to their primary care physician during the recesstheir medications ande prices did decline as well. all the pressures in this is part of the law commodity prices for services and all increasing. what you say? >> and patients have less care than necessary.
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especially to modernize this. americans want to have coordinated care. and it's high quality. >> isn't that what obamacare is doing? it's requiring all of these reports and information to be filed electronically. and isn't that what laws trying to do right now and it hasn't really addressed the full spectrum of care. and to go for the really high-end services and patients with complicated diagnosis is and it allows patients, they
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have coverage and they also have access and choice. as to where they go for the highest quality. gerri: that is a great point and we made several points about the complicated situations and getting that result in the systems don't work to make that happen. and what is the shortest route to that goal reign. >> i think we have to create integration. and that will share that with others we will get the answer more quickly at lower cost. >> thank you for coming on tonight, we really appreciate your time. >> thank you so much. gerri: a lot more to come this
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hour. and could the american people rise up and get obamacare repealed? could it happen? we have a history lesson coming up after the break.
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gerri: what we can do this. >> that is a reverse on the president signing obamacare. it wasn't too long ago when democrats call republicans crazy, extremist and even traitors for demanding a repeal to obamacare. but now liberals are talking about the possibility. and yes, they called everyone crazy for even talking about it. there is a history here. americans rose up and said no, we are not doing this. >> back in 1988, we had the medicare catastrophic coverage act and it was backed by president ronald reagan and it was extremely popular on the
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medicare program since 1965 they did not have any protection against the financial devastation of catastrophic illness then-president reagan proposed the and the congress, both republicans and democrats backed it and within one year, the law disappeared. >> it went down not because of the concept, everyone who was in favor of this the law was designed in the details were embedded in this law. there were several problems, but the big problem was coverage and a lot of senior citizens have coverage, but what the catastrophic build it was at a universal drug entitlement, a drug benefit, that was going to be paid for with a supplemental premium and this was a tax and
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people were paying a tax for this drug benefit. and the problem was is that many seniors had already had drug coverage through the place of work and so they were being forced to pay for a benefit they did not want and need. gerri: goodbye to the law. the fast forward here several years. rules and notices, 20,000 pages. from what i see out there, i'm no fan of obamacare and i have been crystal clear. the industry has completely changed what they are doing. they have reformulated and change structure. there have been mergers and acquisitions in the world is a different place because islam went into place. how could you would await? >> well, first of all, the big stuff of the law, the individual mandate, the employer mandate, the mandate and the medicaid
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expansion, none of that is in place. remember that this law has an implementation time of three years and we are only in year three. the fact is that if we were to repeal, for example, the obamacare, a lot of this right now that is being disrupted is insurance and immediately once you lose the federal regulation of insurance, all of that becomes th power within the power of the state. in the states have been the primary regulators of insurance forever. and they will simply take it out. those states that want to retain the exchanges, they certainly can. other states may want to do different types of things and the fact of the matter is we have a pre-existing system of insurance regulation. gerri: bought i have to be on one other topic. a lot of conversation off the stage, privately, about the next
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shoe to fall with obamacare and concerns about people with the small business market and people who fit the employers are few and those people right now are getting letters from their insurers thing that your deductible is going higher and your co-pay is going through the roof. and that is the next shoe to fall as we start rewriting what they are doing to accommodate obamacare. how big is this going to be? >> i think it potentially could be very big and understand this, the 5 million or so insurance cancellations that took place so far are primarily the individual market. we have not seen the impact yet on the employer-based group market. but when employers look at what they are faced with, that isto say the mandate that is still coming down the pipe at some point, about a year from now, they look at the subsidies that are available to people that are lower income and a look at the presence of the exchange and their own economic incentives in
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a very tough economy and they say to themselves that why should i spend this money providing health insurance to employees and the taxpayers are going to pick up the tab? so what you may see is employers starting to jump out of employer-based health insurance coverageo the trickle of the 5 million people who have just lost their coverage and that could turn into this if employers start reducing their coverage and then we are into a domestic crisis. >> we are just baby steps away from possible repeal. you are showing people the way. and we will have to wait and follow and thank you for coming on. i appreciate your time. >> at the pleasure commentary. thank you for having me. >> i want to know what you think. lana, vote on the right-hand side of the screen. and i will share the results at the end of the show.
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and another obamacare ecation program. will this one be any better than common core and we answer the question, how do you do that? we will tell you what to look for when buying electronics this holiday season.
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gerri: sifting through the deals
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gerri: we are looking out for you and your money this holiday season with a list o the
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hottest electronic gadgets on store shelves today. but not all of them deliver on price and quality. consumer reports include thousands of these gadgets being put to the test. kerry sullivan joins me now with a product that will work. welcome to the show and it's great to have you here. so let's start with the tablet. and you can pay anything you want for a tablet. which one do you like? >> we have looked at a bunch, top 10 that has been gadgets this year and it is $230, this is a really lovely 7-inch tablet and one of the things that we saw was that it has been made a application on it. and it is helping they don't know how to configure it and then there there is another x-ray feature. this includes watching a movie
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like stand by me on a tablet. this allows you to utilize this feature and get not only this but it is building people and the kindle fire is a really nice part of the tablet. >> it is definitely the price tag it is not just a 16 megapixel phone. it has it's not the biggest and
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hugest phone, but it doesn't but i need to get the into the type of clothes i'm wearing. we want an actual cera. which one do you like? >> $450, let me tell you they you are in a dark auditorium watching your children on a stage and you want to get close to it and this is an optical zoom that it's really close to the action and it has a stabilizer that allows you to compensate for blur and it also has great resolution and is also wifi enabled as well. so quickly getting through this mobile device. gerri: you have google chrome
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cast undertone. can you explain this? >> you have a lot of content on your mobile devices and on your laptop. but you can't get it to your tv. this allows you to plug in the broadcast media player and you stream it from your mobile devices right to the tv. you can use netflix and youtube and more services are coming and we can see it in the big beautiful tv. it lets you use your smartphone or tablet as well, which is kind of nice. >> i love that. okay, let's talk about that. because some people are going to get high-definition tv for christmas. you know that they well. >> absolutely. the next stage is also high
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death also known as forte. and it's a 4000-dollar tv and yet it has four times the amount of pixels in the same space. so images, we are talking about photos, photos look incredible on this and you're going to see photo slicers on here. so this does a lot. there is not a lot of content right now. sony also makes this media player and it will look great on this type of tv. gerri: you guys under pixels. on and on it goes. thank you so much. also, all smart phones are certainly not created equal. many of them have the same
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high-tech features and consumer reports broke down which are the best and which are the best. here it is coming here, here is a list from tonight's top five. the nokia lumia 1020. this is recommended for photographers thanks to the 38 megapixel camera. and it takes the sharpest photos of any smartphone and then the optima pro and it lets you watch video while performing other tasks. number three is the samsung galaxy export. and it can pretty much do anything. you can preview e-mails or videos just by covering your finger and hovering above it. so that is scary. and here it is, the smart phone
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for someone where you can wear gloves and still use it in the and the number-one smartphone is this. the apple iphone five asked, especially if you are an apple connoisseur. coming up, telling you how to avoid a tax trap when it comes to investment and now the presint rolling out yet another education program. to help improve high school students skills. stay with us. customer erin swenson ordered shoes from us online but they didn't fit. customer's not happy, i'm not happy. sales go down, i'm not happy. merch comes back, i'm not happy. use ups. they make returns easy. unhappy customer becomes happy customer. then, repeat customer.
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gerri: federal reserve chairman ben bernanke scheduled to making comments later this evening.
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peter, when is the federal reserve chairman going to speak and what is he saying? >> it looks like he is on the same page with keeping all of the easymoney policies going. he shows no sign that he disagrees with the individual who is the next head of the fed and they have to keep hammering with the quantitative easing and bond purchases and low interest rates. and he says we are far from where we like to be and consequently could be some time before monetary policy returns to a more normal setting. i agree with the sentiment expressed by my colleague at her testimony last week that the surest path to a more normal approach to monetary policy is to do all we can today to promote a robust recovery in the fed remains committed for as long as they are needed.
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gerri: the beat goes on. thank you for bringing us that story. we appreciate your time. >> okay, another government initiative. the white house unveiling a new program to overhaul high schools in this country. it is supposed to better prepare kids for life outside the classroom. and it does little for our kids. with us now is kyle olson from education action group. it sounds like a good idea. do you want to prepare kids to deal with this to know what to do? >> yes, that's what the state should be doing and what we should be doing is more federal initiatives because the attitude is that the federal government knows best.
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so what they are doing with this program is part of other stimulus programs if you implement what we want to do and we will hand out some cash. >> that is the big key, $100 million coming from labor department with this program into place. a lot of these programs you have to stand back about five steps and say, is this willing to be a part of this? >> we are seeing this shift in terms of control to the federal level and we are seeing that with this race to the top and others. the bureaucrats think that they know what is best. but in reality we have seen are realities that states are the incubators of innovators in education. whether it's what mitch daniels said or what scott walker dead in wisconsin, arizona, creating
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and educating savings account. states are where we are experiencing this. >> well, how did race to the top do? was that a big success or are we a better country because of race to the top? >> we don't know. what should be looked at as the measuring stick and there is a difference we don't know if it actually helps outcomes. that should be the measuring state. >> yes, i see better private sector initiatives and even state government initiatives and
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all we have too is look at some of the online products that are out there. there's all kinds of successful programs out there and not one getting money from the federal government. >> that is right. and i hope they don't. because that is what will kill the programs when they get their hopes and the programs and i ll kill them. so the federal government should have a limited role if any role at all in the should be a state and local issue and yet we are seeing this shift and it's a disturbing trend. gerri: thank you for coming on. we really appreciate it. >> when we come back, and of the year help for small business owners with a warning for the high dividend stocks you may be holding. why they can be a tax trap.
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gerri: as we told you earlier, we are minutes away from ben bernanke speaking. he will be speaking at the annual meeting and he will be talking about how it should continue and even after tapering is over, he once interest rates to stay low. we have very called on here. what do you say? here we go, what do you think. >> they are neve going to stop, this is who they are, they think that they are heroes, even though they are creating something that is going to blow back eventually probably when they're no longer on this. and now you have janet coming in so there will be a lot more coming in. i would not be surprised if they raise the amount of money on a
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monthly bsis. >> you wonder where the breaks will be in a bubble bursting. what you see in your crystal ball? >> they are not going to stop until the markets stop them. and you have to realize that this is to their credit. the markets have gone up in this includes 18 and 20% and they realize that they are in trouble and that is when they started with e 85 billion per month. the markets started to get hit and they know that the markets are listenin loud and clear. i think that they know it. gerri: this reminds me of allen greenspan not being able to take the punch bowl away. is that what you see happening? >> potentially. allen greenspan was a piker
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compared what they are doing right now. this latest issue is the bond market. they have great been distorted the price and all of that money is going to the banks. it is such a huge mistake. this administration is for the little guy and i have news for you that this is for the rich and they are so against the poor and the middle class. >> that as well put. talking to you about another topic, because this is something that will be a part of the bottom line. $30 billion is being poured into equity funds. what is the danger as this year comes to a close to . >> you're going to see the distribution for the mutual fund at the by the end of the year every investorital gains should watch what they are looking at because you're going to have a tax code.
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you're paying this bill and there's absolutely no economic value to you with whatever you get, the price of this comes down. >> would keep you from buying? >> yes, i see no reason to jump right in. i think we can wait until after the distribution is done. a lot of the distributions don't happen for another month. so if you think you should by now, let this get out of the way >> i love that, thank you for coming on tonight. >> it's my pleasure. thank you. >> still to come, my "two cents more". a look at what you need to do is start 2013 on the right foot. th.
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gerri: time is running out.
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he won the end of the year is almost here and if you are a small business owner, it's time to tie up loose ends before time runs out. here we have a checklist of what you need to do nd the owner of the mark script is with us now. welcome back to the show. >> there are a lot of deductions with small-business owners that are really coming to an end at
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the end of this year. i mean, really let me give you a few examples. part of this is the 179 deduction and it is a trend adopted over a period of time. d now this deduction is a full $500,000 taken right off your book and that is inspiring at the end of this year. so you want to do that as soon as possible and at the end of this year, you are updating and talking about improvements, and you can get a tax credit for doing that. so you want to talk to your accountant to talk about that we get the full value of the tax deductions remapped to what investment rates are you mentioning here? >> okay, that's sure. investors are looking to invest in small business, primarily a
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corporation that is a tax status. they do that if your this year, and then if they hold onto that investment, they can sell it without a capital gain or a capital loss. and that expires at the end of this year. so if you're looking for this or thinking of investing in a business as well, a small qualified company, make that decision now before the end of the year because if it doesn't happen, you will miss out on a catal gains opportunity. gerri: i like that. you stated the time to write off bad debts. >> yet committed. got to write them off during the year, as a lot of people think, oh, this is a waste of time, but you can go be a bad debt, take this now, take these deductions and that we will save on the taxes and one final thing is your inventory. your year and is the time to get all of this under control and make sure you're doing the accounting and that you have the numbers correct.
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because the inventory will be a part of that as well. >> one big issue in all small business owners know that is sometimes they find out that they owe more taxes than they expected to, which is another reason why you want to have dinner with your accountant and make sure that you have made all of your estimated payment. the last thing you want to do is get a surprise in march or april when a come back and say, okay, you owe more money for this year. >> so who picks up the tab? that's what i want to know. >> i have is that it depends on how much work you are giving him a one okay, a good client or a mediocre client. all right. gerri: we will be right back with the question of the day. is a repeal of obamacare likely? is a repeal of obamacare likely? we will have
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>> this hour. using history as a guide to bring him in obamacare, looks back to 1989 where people rose up got a massive healthcare law repealed. could it happen again? we asked on here are some of your e-mails. terry from virginia, juston observation on obamacare, it seems to me the web site was designed to fail so obama administration would get a single payer healthcare, nobody is this stupid. maybe so. >> ashley from california, president obama has and continued to mislead the american people. good stuff ashley. >> you know i saved the best for
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last. we talked, you heard a lot about the 5 1/2 million americans who are in the individual health insurance market, who lost their coverage, it gets worse, next shoe, will be small market group. policies for employers with 50 workers or less, this time of year insurers resign clients, and when increases and costs become apparent, that is what is happening all over the country. we're hearing rumors, that rate increases of 30% in the small market group are not uncommon. policies are not necessarily canceled but costs are rising for us, next comes the large group market, the big employers will try to redesign their plans. 60% of large employers in a
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towers watson sir survey said they believed they would face this tax, it is going to cost all of us, that is it for tonight's willis report, thank you for joining us, have a great night. lou: we learn what president obama knew and when he knew it. president obama knew about the mckenzie and company report that raised questions about whether would work. and he knew it in march. i am lou dobbs. good evening, the president knew at least 6 months before the launch of the obama wear web site -- obamacare web site. it was aflicked with serious problem had not been properly tested. but that is not stop the president from claiming l


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